I have loved this operetta since I was a little girl of five and saw it ca. 1940 (The date, mentioned in the libretto, as Frederic's 21st leap-year birthday, made it seem quite modern). Later in life, I saw a splendid British touring production in San Francisco, and "The Pirates of Penzance" remains number one on my Gilbert and Sullivan list.
I must say that this exuberant production has a lot to recommend it: the chorus (the Ambrosian Singers); the costumes; and I quite enjoyed the settings, especially given the age of the production (Douglas Fairbanks Jr gives the introduction). True, the singer playing Frederic looked anything but 'a little boy of five' by any reckoning (the moustache didn't help), but his voice was that wonderful lyric tenor that the role calls for. And I agree with some Amazon.com commenters who noted that Mabel's voice did not 'sail' over the ensembles (perhaps due to the vintage sound system). Similarly, I didn't find the Pirate King's voice robust enough for the baritone role; nor Major-General Stanley's diction 'pattery' enough; and the policemen were a bit lacklustre (I was less than whelmed by "When the felon's not engaged in his employment--his employment, maturing his felonious little plans--little plans", which should bring down the house).
My biggest objection, though, is the absence of subtitles so that one can catch all of the wonderful dialogue (Some of the satire becomes muddled, as when the Pirates confession" "With all our faults, we love our Queen" and Ruth's ridiculous explanation that they are "all noblemen who have gone wrong" lets the Pirates off the hook, and then the Major-General gives in, singing "with all our faults, we love our House of Peers." Subtitles would have helped, although the DVD does supply a libretto (however, one doesn't want to read and watch at the same time).
Despite these objections, I thought that the production had a lot to offer in its clever choreography (The scene in which the Pirates crash in "with cat-like tread" and the police constables, disguised as bushes, are cowering behind tombstones was laugh-out-loud funny). Gilbert's delightful libretto, and Sullivan's glorious music make up for the imperfections of the cast, who compensate for any shortcomings with enthusiasm and high jinks that bring out the ridiculousness of this operetta, the words and music of which are sublime.
Worth checking out from the library (as I did!).